Alerian Midstream Energy Select IndexSM and Alerian MLP IndexSM: These indices are servicemarks of GKD Index Partners, LLC d/b/a Alerian (“Alerian”) and their use is granted under a license from Alerian. Alerian does not guarantee the accuracy and/or completeness of Alerian Midstream Energy Select IndexSM and Alerian MLP IndexSM or any data included therein and Alerian shall have no liability for any errors, omissions, interruptions or defects therein. Alerian makes no warranty, express or implied, representations or promises as to results to be obtained by Licensee or any other person or entity from the use of the Alerian Midstream Energy Select IndexSM and Alerian MLP IndexSM or any data included therein. Alerian makes no express or implied warranties, representations or promises regarding the originality, merchantability, suitability, non-infringement or fitness for a particular purpose or use with respect to the Alerian Midstream Energy Select IndexSM and Alerian MLP IndexSM or any data included therein. Without limiting any of the foregoing, in no event shall Alerian have any liability for any direct, indirect, special, incidental, punitive, consequential or other damages (including lost profits), even if notified of the possibility of such damages.

The Energy MLP Classification Standard (“EMCS”) was developed by and is the exclusive property (and a service mark) of GKD Index Partners, LLC d/b/a Alerian (“Alerian”) and its use is granted under a license from Alerian. Alerian make no warranties, express or implied, or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and hereby expressly disclaims all warranties of originality, accuracy, completeness, merchantability, suitability, non-infringement or fitness for a particular purpose with respect to any such standard or classification. No warranty is given that the standard or classification will conform to any description thereof or be free of omissions, errors, interruptions or defects. Without limiting any of the foregoing, in no event shall Alerian have any liability for any direct, indirect, special, incidental, punitive, consequential or other damages (including lost profits), even if notified of the possibility of such damages.

Bloomberg Barclays U.S. Aggregate Bond Index: This material does not state or imply that Bloomberg or any of its third-party agents or licensors approve of, endorse or express any opinion in respect of any such informational materials or any other research materials or client reports.

ICE BofAML U.S. High Yield Index, ICE BofAML U.S. High Yield Energy Index, ICE BofAML U.S. 3-Month T-Bill Index: These indices are products of ICE Data Indices, LLC (“ICE Data”) and are used with permission. ICE Data, its affiliates and their respective third-party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to or derived therefrom. Neither ICE Data, its affiliates nor their respective third-party suppliers shall be subject to any damages or liability with respect to the adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an “as is” basis and your use is at your own risk. ICE Data, its affiliates and their respective third-party suppliers do not sponsor, endorse or recommend FS Investments or any of its products or services.

S&P/LSTA Leveraged Loan Index: Sourced from S&P/LSTA Leveraged Loan Index.

S&P 500 Energy Index: The S&P 500 Energy Index is a product of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates (“SPDJI”) and has been licensed for use by FS Investments. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”) and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by FS Investments. FS Energy Total Return Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions or interruptions of the S&P 500 Energy Index.